AM Best has downgraded the outlook for the Philippine non-life insurance market [4] from stable to negative.
This decision was justified by the strong pressure on insurers' balance sheet strength and operating performance, particularly due to their high exposure to climatic risks, tighter reinsurance market conditions and the growing number of motor claims.
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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-203-july-2023
[4] https://www.atlas-mag.net/en/category/pays/philippines/philippine-non-life-insurance-market-forecasts-for-2023-2027